How is the American public, especially the top 2%, already tapped out? I don’t see it. In fact, I see the contrary: people with lots of money who are out there spending it on Hummers, trips to exotic locales, second homes, etc.
It makes more sense to me to say that the Federal Treasury is tapped out, since it keeps going further and further in debt.
Such endless borrowing, with no thought for tomorrow, is to me irresponsible.